Sri Lanka: First Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of Performance Criterion, Modification of Performance Criteria, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Sri Lanka
Electronic Access:
Free Download. Use the free Adobe Acrobat Reader to view this PDF file
Summary:
As part of the IMF-supported arrangement Sri Lanka has undertaken significant reforms to pave the way out of a deep economic and debt crisis. The economy is showing tentative signs of stabilization, supported by rapid disinflation and a significant fiscal adjustment. Tax revenues have increased but not as much as initially projected, and reserves accumulation has slowed, including due to slow progress on debt restructuring. Continued ownership of reforms is essential to rebuild fiscal credibility and to improve governance and reduce corruption vulnerabilities. The authorities reached agreements in principle (AIPs) with official creditors on debt treatments consistent with program parameters and are in good faith discussions with their private creditors.
Series:
Country Report No. 2023/408
Subject:
Asset and liability management Credit Debt restructuring Foreign exchange International organization Monetary policy Money Public debt Revenue administration
Frequency:
regular
English
Publication Date:
December 12, 2023
ISBN/ISSN:
9798400263514/1934-7685
Stock No:
1LKAEA2023003
Format:
Paper
Pages:
149
Please address any questions about this title to publications@imf.org